The U.S. Department of the Treasury recently announced more than $330 million in funding to assist troubled affordable housing developments in Kansas, Michigan, Ohio, Wisconsin, and Puerto Rico through the Tax Credit Exchange Program, provided under the American Recovery and Reinvestment Act (ARRA). First round recipients include:
- $115 million in Wisconsin;
- $99 million in Puerto Rico;
- $78 million in Michigan;
- $23 million in Kansas; and
- $21 million in Ohio
In addition, the U.S. Department of Housing and Urban Development (HUD) has announced the first award under the Tax Credit Assistance Program (TCAP), also established by ARRA. Through the program, $83 million will be provided to Ohio Housing Finance Agency to help stalled multifamily projects throughout Ohio. read more…
